NGX Eyes Mega Dangote Refinery IPO as Investor Demand Tops $2 Billion

The Nigerian Exchange Group (NGX Group) has announced it is actively preparing for the highly anticipated initial public offering of the Dangote Refinery, a move expected to attract strong global investor participation. The listing is reportedly priced at $0.35 per share, with early indications showing investor demand already surpassing $2 billion, signaling strong market appetite.

Speaking during a visit to the Abu Dhabi Stock Exchange, the NGX Group Chairman, Dr. Umaru Kwairanga, said the exchange is positioning the IPO as a “continental opportunity” with expectations of a possible dual listing in a global financial centre. He added that the NGX is working to deepen collaboration with Middle Eastern investors, with planned roadshows in the UAE to boost participation. The meeting also included discussions with the management of the Abu Dhabi Securities Exchange.

According to details cited from Reuters, the refinery offering involves about 3 billion ordinary shares at $0.35 each. Investors are required to subscribe to a minimum of one million shares, equivalent to $350,000, with additional investments structured in increments of 500,000 shares. The shares will also be subject to a 365-day lock-up period, a structure designed to stabilize early trading activity.

Kwairanga noted that proceeds from the IPO will support expansion plans and general corporate purposes as the refinery continues to scale operations and strengthen its position in the global energy market. The Dangote Refinery, one of the largest in the world, is expected to play a significant role in reshaping Africa’s refining and fuel supply landscape once fully optimized.

He also highlighted ongoing reforms in Nigeria’s capital market, saying the NGX has seen significant growth in market capitalization and investor interest in recent years. He referenced President Bola Ahmed Tinubu’s recent investor outreach in Abu Dhabi and emphasized NGX’s role in the African Exchanges Linkage Project, which aims to connect African stock markets for easier cross-border trading and deeper liquidity.

source: independentng